Comparison of ICDS-I, AS 1 & IndAS-1

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....ansactions and events shall be governed by their substance and not merely by the legal form. The major considerations governing the selection and application of accounting policies are:- a. Prudence b. substance over Form c. Materiality When an Ind AS specifically applies to a transaction, other event or condition, the accounting policy or policies applied to that item shall be determined by applying the Ind AS. True & Fair Accounting policies adopted by a person shall be so as to represent a True & Fair view of the state of the affairs and income of the business, profession or vocation. The primary consideration in the selection of accounting policies by an enterprise is that the financial statements prepared and presented on t....

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....f that the going concern basis is appropriate. Disclosure if Going Concern assumption is not appropriate If fundamental accounting assumptions is not followed, The fact shall be disclosed. If fundamental accounting assumptions is not followed, The fact shall be disclosed. When an entity does not prepare financial statements on a going concern basis, it shall disclose that fact, together with the basis on which it prepared the financial statements and the reason why the entity is not regarded as a going concern. Mark to market losses and expected losses There is a specific provision that marked to market loss or an expected loss shall not be recognised unless the recognition of such loss is in accordance with the provisions of any ....